Bitcoin Miner HIVE Digital Buys BTC Dips, Stock Jumps 9%

UTC by Bhushan Akolkar · 3 min read
Bitcoin Miner HIVE Digital Buys BTC Dips, Stock Jumps 9%
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HIVE Digital’s latest acquisition of 1,000 S21 Pro miners is ready to ship and the company would be installing this entire new fleet of miners by the end of July.

While we have been hearing about the Bitcoin miner capitulation over the past few weeks, Canadian BTC miner HIVE, on the other hand, has been buying the dips. In its June financial report, the Bitcoin miner said that it had added 2,503 BTC to the company’s balance sheet and reserves.

Despite the bitcoin miner capitulation, HIVE remains confident in the future of Bitcoin. With the Bitcoin price tanking to $54,500 earlier today, it has led to strong liquidations due to miner capitulation.

During the last month of June, HIVE mined a total of 119 Bitcoin while increasing its Bitcoin holdings by 2% and now holds 2,496 BTCs on the balance sheet. throughout June 2024, HIVE has maintained an average Bitcoin mining capacity of over 4.7 Exahash (“EH/s”).

As of July 7, 2024, HIVE’s HODL position has grown to 2,503 BTC. The company highlights that with a Bitcoin HODL value exceeding $140 million, its enterprise value appears very attractive compared to its peers. Speaking on the development, Frank Holmes, Executive Chairman of HIVE, said:

“Over the past 18 months, the management team has consistently been a top-tier efficiency performer at its data centers, amongst the lowest G&A to mine a Bitcoin and one of the lowest in shareholder dilution. We are pleased to increase our stacking of Bitcoin to currently HODL 2,496 Bitcoin on the balance sheet.”

HIVE Remains Robust Despite Market Turbulence

HIVE CEO Aydin Kilic also talked about the company’s expansion plans adding that the remaining Bitmain S21 orders are “ready to ship” and further upgraded to S21 Pro models. This upgrade includes approximately 1,150 S21 Pro miners from HIVE’s original December order.

Kilic also mentioned that the latest acquisition of 1,000 S21 Pro miners is also ready to ship and the company would be installing this entire new fleet of miners by the end of July. He added:

“Therefore, we expect the total 2,150 pending S21 Pro miners to ship in the next week, bringing HIVE’s total operational hashrate to 5.5 EH/s once fully installed, with a global fleet efficiency of 24.5 J/TH. HIVE expects these machines to be installed before the end of July.”

Following the release of a positive report, HIVE Digital’s shares (HIVE) surged by over 9.5% on Nasdaq, reaching $3.34, according to Google Finance. This increase in HIVE Digital’s reserves comes despite significant capitulation among its rivals.

Other Bitcoin miners have also been navigating the current turbulence in the Bitcoin mining industry following the Bitcoin halving event earlier in April. Players like TeraWulf and CleanSpark have been mulling key mergers with the goal of profit expansion.

Bitcoin News, Cryptocurrency News, News
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